Atom bank raises £50m in latest fundraising round

Atom bank, the UK’s first bank built exclusively for mobile and the UK’s most trusted bank on Trustpilot, has raised £50m in a fundraising round with participation from BBVA, Toscafund, Woodford Patient Capital Trust and funds advised by Perscitus LLP.

The new capital will be used to fund further growth and to continue the bank’s investment in technology.

Atom continues to be a fast-growing challenger in the UK’s lending markets. The bank’s total lending, for homeowners and small businesses, has grown by 76% in the past year to £2.4bn, supported by growth in deposits from £1.4bn to £1.8bn. Right now, Atom is welcoming up to £20m of business and £10m of residential mortgage applications each week, and just last week Atom was named Best Online Lender at the What Mortgage Awards for the second consecutive year.

Simultaneously, Atom is making excellent progress with re-platforming the bank into the cloud and preparing to launch new products using Thought Machine’s world-leading smart contract core banking technology. Atom, uniquely across Europe, has been named in the Top 10 of KPMG’s Fintech 100 for each of the past four years, and was recently named by the London Stock Exchange Group’s 1,000 Companies to Inspire Britain.

Bridget Rosewell, Chairman at Atom said: “This latest raise recognises the enormous progress that we have made on our journey to disrupt UK banking, and is a clear signal of our investors support for our future plans.”

Mark Mullen, Chief Executive Officer at Atom said: “What’s important to customers is good products, good service and good value so that’s where we’ve spent the majority of our time and energy. We’re growing our team here in the North East and will add 50 new roles this year to help us expand the range of products and services we offer, starting with Instant Access savings in the autumn. More than ever we are convinced of the importance of Atom’s role to drive positive change in UK banking.”

To find out more, visit www.atombank.co.uk.

ENDS

Note to Editors

After securing its banking license in June 2015, Atom bank launched operations in April 2016, offering market-leading Fixed Saver accounts and secured business lending for small and medium-sized enterprises (‘SMEs’). From the start, Atom set out to build a customer-driven bank, designed to meet their new needs and optimised for mobile technologies.

Atom bank launched its first mobile mortgage product in December 2016 and has taken £1.8bn in deposits and lent over £2.4bn to small businesses and homeowners.

Atom is here to change banking, creating a disruptive and digital bank, keeping costs low and passing back the value to its customers. The Atom app is at the heart of the bank, with a 24/7 support team on hand to help with any customer queries through phone, chat, email and social media, working out of their Durham HQ.

The Atom executive team are highly experienced, having built and run some of the most well-respected banks in the UK. CEO Mark Mullen has 25 years’ experience in the sector and was previously CEO at the multi- award-winning telephone and internet bank first direct. The team are supported by a strong non-exec board lead by Chairman Bridget Rosewell CBE.

Since its creation in April 2014, Atom has:

• Raised just over £450m of equity capital through the support of private and institutional investors, including BBVA, Woodford Investment Management and Toscafund Asset Management
• Built a highly motivated and experienced team of around 350 permanent employees in the North East of England
• Uniquely in the EU have been ranked in the top 10 of KPMG’s ‘Global Fintech 100’ listing for each of the last four years
• Ranked 1st in Tech World’s Digital Challengers list
• Ranked 14th in LinkedIn’s ‘Top 25 Startups’ 2017
• Voted the UK’s most recommended bank
• Industry leading customer NPS score of +74
• 5 star rating and the UK’s most trusted bank on Trustpilot
• 97% of customers said they would recommend us on Reevoo
• Established a global network of partners and suppliers
• Launched 3 and 6 month and 1, 2, 3 and 5 Year market-leading Fixed Saver accounts -Atom has taken £1.8bn in deposits so far
• Launched Digital Mortgages by Atom bank, offering secured lending to SMEs and residential mortgage products - Atom has loaned over £2.4bn to date
• will.i.am joined Atom bank as a Strategic Board Advisor, giving an external perspective on culture, community and technology
• Announced a four year STEM partnership with the Prince’s Trust in North East England
• Signed up to the Women in Finance Charter in 2016 and the Tech Talent Charter in 2017
• Announced the Atom Incubator to support North East startups at their HQ in Durham
• Agreed multi-year partnership with leading fintech Thought Machine
• Listed in the top 20 best places to work in the North East
• Featured in London Stock Exchange’s 1000 Companies to Inspire Britain 2019